Aker Bp Asa · OSL:AKRBP

Aker Bp Asa — Det norske oljeselskap — Q3 2009 Earnings Presentation

22 slides from Aker Bp Asa's earnings presentation, Nov 5, 2009

  1. Slide 1: Det norske – Q3 2009 presentation

    Det norske – Q3 2009 presentation OSE ticker : ”DETNOR” - CEO Erik Haugane - CFO Finn Øistein Nordam 1

  2. Slide 2: Agenda

    Agenda  Operations  Financials  Exploration  Outlook and Summary 2

  3. Slide 3: Since second quarter

    Since second quarter Exploration Production/HSE Q3 Key financials (NOKM)  Field development emerging in  Good performance from all  Revenues 67,4 PL 442 east of Frigg, following four producing fields during successful Delta well third qurter  Exploration expenses 334 5 334,5  Oil discovered in

  4. Slide 4: Production

    Production Producing fields Jotun 2000 Glitne Boepd 771 Enoch 810 695 746 694 713 Varg 1500 662 662 505 562 638 618 572 528 502 555 509 598 476 484 516 501 489 472  Successful infill wells drilled on Varg. 1000 416 Additional reserves discovered to 509 463 461 376 423 385 the east. Awaitingg assess

  5. Slide 5: Agenda

    Agenda  Operations  Financials  Exploration  Outlook and Summary 5

  6. Slide 6: Profit & Loss Q3 2009

    Profit & Loss Q3 2009 MNOK Q3 2009 Q3 2008 Comment Operating revenues 67.4 102.2 Lower volumes – higher oil prices Exploration l expenses 334.5 146.4 Exploration l wells ll and d seismic Change in inventories ‐0.3 0.1 Production cost 35.8 34.5 Same level as previous quarter (Q2‐09) Payroll expenses

  7. Slide 7: Exploration Expenses Q3 2009

    Exploration Expenses Q3 2009 MNOK Q3 2009 Q3 2008 Comment Seismic, well data, field studies, etc. 41.0 6.1 Regional seismic, studies and license work Exploration expenses from license participation 38.5 125.3 Expensed capitalized exploration wells previous 7.1 0 Fongen and Trolla years Expensed dry

  8. Slide 8: Balance Sheet 30.09.2009

    Balance Sheet 30.09.2009 Assets (MNOK) Q3 2009 Q3 2008 Comment Goodwill 864.3 1 742.9 Reduced goodwill due to write down in Q4 2008 Capitalized exploration expenditures 682.8 543.6 Other intangible assets 1 318.1 2 480.4 Reduction due to write down in Q4 2008, sale of Goliat Property, plant and equi

  9. Slide 9: Balance Sheet 30.09 2009 (cont.)

    Balance Sheet 30.09 2009 (cont.) Equity and Liabilities (MNOK) Q3 2009 Q3 2008 Comment Equity 3 549.8 3 522.5 MNOK 3,519 from share premium fund to other equity Pension obligations 22.3 9.9 Deferred taxes 1 255.5 2 186.7 Abandonment provision 142.6 115.1 Deferred revenues 5.6 24.9 Total Provisions 1

  10. Slide 10: Cash Flow – Key Figures (MNOK)

    Cash Flow – Key Figures (MNOK) Strong cash position Exploration financing 2 157 2 155  A group of banks have committed to a new MNOK 4,500 exploration facility for the merged company 596 2010 Tax Refund 985 2009 Tax Refund  Det norske expects higher exploration 213 expenses in Q4 09 than in previo

  11. Slide 11: Agenda

    Agenda  Operations  Financials  Exploration  Outlook and Summary 11

  12. Slide 12: The New Entrants drives exploration

    The New Entrants drives exploration E l ti wells Exploration ll in i 2009 18 16 The change of players will impact industry practices in 14 field developments and operations. The Norwegian petroleum policies must adapt to this in order to fully 12 utilize its value creation potential. 10 8 6 4 New en

  13. Slide 13: Øst Frigg Delta (PL 442) – a new discovery

    Øst Frigg Delta (PL 442) – a new discovery  Exploration well 25/2‐17 proved 19 to 35 MBOE  Operator Statoil: The discovery is commercially interesting, potentially in combination with other oil resources in the area  Total Øst Frigg resource potential 60 to 190 MBOE – 12 to 38 MBOE net to Det nor

  14. Slide 14: Pushing towards 20,000 boepd in five years

    Pushing g towards 20,000 , boepd p in five yyears Discoveries Fulla East Frigg Frøy Draupne/ Hanz Grevling Project Mill boe Net boepd to Possible First Det norske’s work programme (Gross) Det norske concept Oil/Gas Frøy 56 15,000 Floater/jack‐up 2013 Concept screening ongoing andd jjacket k t Revice

  15. Slide 15: Drilling schedule for merged company

    Drilling schedule for merged company Det norske operated Partner operated 2009 2010* DETNOR Drillingg operation p Q3 Q Q4 Q Q1 Q Q2 Q Q3 Q Q4 Q + AKX % Rigg PL 321 Geitfjellet 60% Aker Barents PL 027D Jetta (ExxonMobil) 47% Bredford Dolphin PL 469 Pumbaa (GDFSUEZ) 25% Aker Barents PL 476 Frusalen 40

  16. Slide 16: Well 25/8-17 Jetta (PL 027D, 504, 169C)

    Well 25/8-17 Jetta (PL 027D, 504, 169C)  Exploration well 25/8‐17 proved oil in reservoir sands − Thin sand layers in oil but thicker sands in the water zone − Thinner than expected sands may be anomalous  Presently drilling sidetrack (17A) 1.2 km towards Jotun − Objective: Clarify commercial pote

  17. Slide 17: Frusalen gas/condensate play next to Midgard

    Frusalen usa e - gas/co gas/condensate de sate p play ay next e t to Midgard dga d  Unrisked resources between 8 MBOE and 70 MBOE  Close to existing infrastructure – 5 km East of Midgard – Possible fast‐track development  Gas with low CO2 content − Similar gas signature as in Midgard  Reservoirs

  18. Slide 18: Skardkollen to be spudded in 4Q 2009

    Skardkollen to be spudded in 4Q 2009  Skardkollen resource potential 25 to 180 MBOE  Possible spill routes are from Grevling and Sleipner area Sleipner West Sleipner Sigyn  Storkollen ‐ March 2010 East Gungne Skardkollen Storkollen Grevling Høgtangen g g Storskrymten Wildcat Litjskrymten Baklia V

  19. Slide 19: Det norske will operate 20-25% of the NCS exploration wells

    Det norske will operate 20-25% of the NCS exploration wells Strengthened Exploration Management 70 licenses and 32 operatorships enables Det norske to high high-grade grade the exploration portfolio Our ambitions beyond 2015 requires more attractive exploration acreage in the coming years Det norske

  20. Slide 20: Agenda

    Agenda  Operations  Financials  Exploration  Outlook and Summary 20

  21. Slide 21: Summary & Outlook

    Summary & Outlook  Five North Sea field development projects – East Frigg ‐ potentially a new field development – Draupne ‐ appraisal well Q1 09 important to firm up volumes – Skardkollen ‐ exploration well to clarify resource base and oil quality in Grevling‐area – Frøy ‐ Storklakken to be drilled

  22. Slide 22: Disclaimer

    Disclaimer All presentations and their appendices (hereinafter referred to as “Investor Presentations”) published on www.detnor.no have been prepared by Det norske oljeselskap ASA (“Det norske oljeselskap ” or the “Company”) exclusively for information purposes. The presentations have not been revie

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